Exchange of goods or services by way of introducing buyers and sellers is the function of markets. The participants within markets exchange goods or services for economical benefit. Initially markets operated using the model of in person, human to human communication of buy and sell orders. With the evolution of computer systems, communication of buy and sell orders have increasingly been implemented using the computer system. This new type of market is commonly, but not exclusively, referred to as electronic trading.
Electronic trading methods use various types of computer systems to facilitate transactions between a buyer and a seller. In principal each transaction is effected by participants with authorised access to the computer system. The methods, and therefore the computer system, define the scope of actions the participants can employ to match buy and sell orders.
No previously known technology has afforded participants full control and the ability to create new controls, in a concurrent holistic manner, over their counterparties, economic interest and information distribution when performing trade executions.
The apparatus and methods disclosed herein constitute an improved transaction computer system for facilitating transactions of financial instruments. In particular, the embodiments of the invention provide a client-specific configurable Internal Matching Utility (IMU) affording a client the ability to define and manage control over counterparties, economic interest and information distribution.